Union Trust Company (Chicago, IL)

Episode Information

Episode UID
2000971122
Episode Type
Run Only
Bank Type
trust
Bank ID
200097 routing
Routing Number
2-0009
Start Date
June 5, 1893
Location
Chicago, Illinois (41.850, -87.650)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5df6e6a8d3343fb1

Response Measures

None

Description

The bank experienced a significant run during the Chicago banking panic of June 1893 but remained open and solvent. Article 11 refers to a different Union Trust Company or a legal role in a railroad receivership, not the failure of the Chicago bank.

Events (2)
1. June 5, 1893 Run
Cause
Local Banks
Cause Details
The failure of Hermann Schaffner & Co. triggered a general panic among savings depositors in Chicago.
Measures
Assigned extra paying tellers to duty and maintained a calm demeanor to reassure depositors.
Newspaper Excerpt
Depositors by the hundreds crowded into the Union Trust Company's bank to get their money... the crowd of withdrawers was immense
Source
newspapers
2. June 6, 1893 Run
Cause
Local Banks
Cause Details
Continued nervousness following the previous day's runs and local bank failures.
Measures
Posted notices that the bank would open at 10:00 AM and maintained readiness to pay all demands.
Newspaper Excerpt
Lines of people began to form in front of the Illinois Trust and Savings Bank, the Bank of Commerce, the Union Trust company... as early as 7 o'clock.
Source
newspapers

Newspaper Articles (11)
1. June 6, 1893 The Record-Union Sacramento, CA
Article from The Record-Union, June 6, 1893

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Article Text

ANXIOUS DEPOSITORS. CHICAGO BANKERS ARE HAVING TROUBLOUS TIMES. Board of Trade Brokers Trying to Precipitate a Panie-Unusual Banking Hours. Special to the RECORD-UNION. CHICAGO, June 6.-3 A. M.-The failure of Hermann Schaffner & Co.'s Bank, which occurred last week, bore fruit yesterday in well defined runs which were precipitated on almost, if not every one of the savings banks of Chicago. First to feel the effect of the excitement was the Bank of Commerce, where a great many of the accounts. The class keep Jewish their citizens Schaffner poorer failure had alarmed them and they bore down upon the Commerce at the opening hour. Tellers were doubled up and paid checks as fast as presented throughout the day, the officials of the bank expressing no and that they to meet would alarm be whatever, able any saying demands. The Illinois Trust and Savings Bank, which has a larger line of this class of deposits than any other bank in the city, amounting at times to over $12,000,000, put on an and everyone as as extra rapidly force of tellers possible. paid At o'clock this afternoon they posted a notice on the front door that the bank would remain open until 10 o'clock to-night, and as long as the present excitement continued. The Hibernian Bank, which, as its name implies, was the depository for a large number of Irish-Americans of small means, was crowded all day, but found no difficulty meeting all demands. The Dime Savings Bank took advantage of the rule requiring, if necessary, sixty days' notice of withdrawal and paid only a percentage of deposits to-day. The Globe Savings Bank applied the thirty-day rule. The Milwaukee=avenue Savings Bank sustained a moderate run throughout the day, and they, too, kept open 9 o'clock was noted Equally housa spirited until checking to-night. upon the Price, State National and rie as well as State Savings Banks, Prai- upon the Union Trust Company and the Avenue Savings Bank, but in no case was any alarm felt by well-informed people. In many these fact, at of institutions large depositors came in during the afternoon and made heavy deposits. To-day's situation was greatly aggravated by a number of Board of Trade brokers, who for reasons of their own devoted themselves to the circulation of sensational rumors in which they involved at one time or another nearly every bank in the city and a large number of leading stock yards operators. Notwithstanding these malicious efforts no fear is felt as to the safety of any of the leading banking institutions of the city. The failure of Meadowcroft Brothers, a total of minor institution, with deposits perhaps $200,000, aroused little or no interest. At midnight the Illinois Trust and Savings Bank was still paying off, and the crowd of depositors anxious to draw was as large as money bank still ever. The officials are rather pleased than pay out the it otherwise to money, as means a big saving to the institution in interest. So far the net profit is about $35,000. At this hour it was announced that the bank would not close as long as a single depositor cared to draw out a dollar. The paying of money is being continued at seven windows. President Mitchell said: "We will right months and not here for three close stay our doors night or day if such a proceeding should become necessary. We are good for any run no matter how long it keeps up." " At 1:30 A. M. the Illinois Trust and Savings Bank was still open, the force of paying-tellers at seven windows having been relieved by fresh men and enough people are still waiting for money to keep the bank open two hours more. President Mitchell said he had plenty money on hand and plenty of men to pay it out.

2. June 6, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, June 6, 1893

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Not the Slightest Uneasiness Over the Condition of the Leading Institutions. Depositors in Savings Banks Ask for Their Money and Get It. The Demonstration of Solidity Should Go n Long Way Toward Reassuring the Whole Country. CHICAGO, June 5.-The failure of Herrmann Schaffner & Co.'s bank, which occarred last week, bore fruit to-day in well defined rans which were perceptible on almost. if not every one, of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce, where a great many Jewish oitizens of the poorer class kept their accounts: The Schaffner failure had alarmed them and they bore down upon the Bank of Commerce at the opening hour. Tellers were doubled up and paid obocks ns fast as presented throughout the day, the officials of the bank expressing no ala in whatever and saying they were able to meet any demands. The Illinois Trust and Savings bank, which has a larger line of this class of deposits than any other bank in the city, amounting at times to over $12,000,000, put on an extra force of tellers and paid everyone as rapidly as possible. At three o' clock this afternoon they posted fl notice on the front door that the bank would remain open until 10 o'cleck to-night and so long as the present excitement continues. The Hibern. ian bank, which, as its name implies, was the depository for a large numbes of IrishAmericans of small means, was crowded all day, but found no difficulty in meeting all demands. The Dime Savings bank took advantage of the rule requiring, if necessary, sixty day notice of withdrawal, and paid only a small percentage of deposits to-day. The Globe Savings bank applied the thirty day rule. The Milwaukee Avenue Savings bank sustained a moderate run throughout the day and they, too, kept open house until nine o'clook to-night. Equally spirited checking was noted upon the Prairie State National and Preirio State Savings banks, as well as upon the Union Trust company and Avenue Savings bank, but in no ease WAS any alarm felt by well informed people. In fact, at many of these institutions, large ositors dame in during the afternoon, and made heavy deposits. To-day's situation was greatly aggravated by a number of board of trade brokers. who, for reasons of their own, devoted themselves to the circulation of sonsational ramors at which they involved at one time or another nearly every bank in the oity, and R large number of leading stook yards operators. Notwithstanding these malicious efforts, no fear is felt as to the safety of any of the leading banking institutions of the city. The failure of Meadowcroft Brothers. a minor institution with a total deposit of perhaps $200,000, aroused little or no interest. CHICAGO, June 6., 1:30 A. m.-The Illinois Trust and Savings bank is still open. the force of paying telle's at seven windows having been relieved by fresh men, and enough people are still waiting for money to keep the bank open two hours more. President Mitchell said there is plenty of money on hand and plenty of mon to pay it out. KANSAS CITY. June 5.-The Kansas Grain company. which claims to be the largest purchaser of grain from producers in the world, has failed. The officers here decline to make any statement of the Assets and liabilities Bill they are authorized by President Tompler, who is in charge of the office at Hutchinson. The company has elevators in over A hundred towns in Kansas, all containing grain. Tight money was the cause of the failure. SPOKANE. June 5.-The Bank of Spokane temporarily closed its doors this morning. The suspension caused no excitement. The embarrasement is due to the tightness of the money market. A. M. Cannon, president of the bank. has many large interests in this city and is reported a mniti-millionai e. CHICAGO, June 5.-F. A. Armstrong & Co., manufacturers and dealers in society and military uniforms. failed. Their liabilities are $105,000 and the assets $205,000.

3. June 6, 1893 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, June 6, 1893

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GOT THEIR MONEY BACK Chicago Depositors Become Alarmed About Their Savings. ALL WERE PAID IN FULL Scenes of Excitement In All of the Banks in the Windy Citysmall Failures-Ohio and Kansas City. CHICAGO. June 5.-The failure of Herrmann Schaffner & Co.'s bank. which occurred last wook. bore fruit to-day in well defined runs which were precipitated on almost. if not every one. of the savings banks of Chicago. The first to feel the effect of the excitement was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts. The Schaffuer failure had alarmed them and they hore down upon the Bank of Commerce at the opening hour. The tellers were doubled up and paid the checks as fast as they were presented throughout the day. the officials of the bank expressing no alarm whatever and saying that they were able to meet any domands. The Illinois Trust & Savings bank. which has a larger line of this class of deposits than any other bank in the city, amounting at times to over $12,000,000. put on an extra force of tellers and paid every one as rapidly as possible. At 3 o'clock this afternoon they posted a notice on the front door that the bank would remain open until 10 o'clock to-night and so long as the present excitement continues. The Hibernian bank. which, as its name implies, was the depository for a large number of Irish-Americans of small means. was crowded all day, but found no difficulty in meeting all demands. The Dime Savings bank took advantage of a rule requiring, if necessary. 60 days notice of withdrawal. and paid only a percentage of Its deposits to-day. The Globe Savings bank applied a 30-day rule. The Milwankee Avenue Savings bank sustained a moderate run throughout the day and they, too. kept open house until 9 o'clock to-night. Equally spirited checking was noted upon the Prairie State National and the Prairie State Savings banks, as well as upon the Union Trust company, but in no case was alarm felt by well informed people. In fact. at many of these institutions, large depositors came in during the afternoon and made heavy deposits. To-day the situation was greatly aggravated by a number of board of trade brokere who. for reasons of their own. devoted themselves to the circulation of sensational rumors in which they involved at one time or another. nearly every bank in the city and a large number of leading stock yards apliators. Notwithstanding these malicious efforts, no fear is felt as to the safety of any of the leading banking institutions of the city. The failure of Meadowcroft Brothers, a minor instituwith total deposits of perhaps $200,000. aroused little or no interest.

4. June 6, 1893 The Herald Los Angeles, CA
Article from The Herald, June 6, 1893

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The Failure of Schaffner & Co. Bearing Fruit. Runs on Every Savings Bank in Chicago. Meadowcroft Bros. Unable to Stand the Pressure. All the Rest Pulled Through-A Long List of Financial Disasters Due to Stringency in Money. By the Associated Press. Chicago, June 5.-The failure of Schaffner & Co's. bank, which last bore in occurred Herrman week, fruit today runs which were if not every one tated well defined on almost, precipi- first of the eavings banks of Chicago. The to feel the effect of the excitement was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts. The Schaffner failure had alarmed them and they bore down Commerce at the opening honr. were doubled up on The the tellers and paid checks as fast as presented throughout the officials of the day, the and bank saying expressing no alarm whatever they were able to meet any demanda. The Illinois Trust and Savings bank, which has a larger line of this class of deposits than any other bank in the city, amounting at times to over $12,000,000, put on an extra force of tellers and paid every one as rapidly as possible. At 3 o'clock this afternoon they posted a notice on the front door that the bank would remain open until 10 o'clock tonight and 80 long as the present excitement continues. Hibernian bank, which as the name was the of a The implies Irish-Americans depositary for large number of small means, was crowded all day, but found no difficulty in meeting all demands. The Dime Savings bank took advanthe rule requiring, if necessary, 60 notice of tage days' of withdrawal, deposits and today. paid only a percentage of its The Globe Savings bank applied the 30-day rule. The Milwaukee Avenue Savings bank a moderate run sustained throughout house the day, and they, too, kept open until 9 o' clock spirited checking was Equally tonight. noted Praithe State National rie as well as upon State Savings, Price, theAvenue upon and the Union Trust company and but in no case was felt well-informed people. Savings by bank, In alarm fact, of these institutions came in during at positors many the afternoon large deand made heavy deposite. situation was aggraa number of vated Today's by board greatly their of trade who for reasons own to the devoted brokers, themselves which circulation of they in- of sensational rumore in one time or bank in the city a every volved at and another large operators. nearly number leading stockyards these Notwithstanding of malicious safety of efforts, no fear is felt as to the any of the leading banking institutions of this city. The failure of Meadowcroft Brothers, a minor institution, with total deposits of perhaps $200,000, aroused little or no interest. At midnight the Illinois Trust & bank was still the of depositors Savings crowd paying anxious off The and to draw is still as large as ever. are rather as it means a to otherwise bank money officials pleased big So saving far than the the in interest. 18 about $35,000. At that the saving institution announced bank this hour would it not 80 as a draw out a dollar. cared was close to long single continued The depositor paying at of the money is being seven windows. President Mitchell said: 'We shall stay right here for three months and not close our doors night or day if such proceedings should become necessary, We are good for any run, no matter how long it is krept up. a. m. the Illinois Trust and bank is still open, the tellers at seven windows Savings paying At 1:30 force having of by fresh men, and enough are still waiting the bank open two been keep people relieved hours for money more. to Mitchell said was on hand and to of President money plenty there of men plenty pay it out.

5. June 6, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, June 6, 1893

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CHICAGO, June 5.-The failure of Herman Shaffner & Co., which occurred last Friday. bore fruit to-day in well defined runs which were precipitated on almost If not every one of the savings banks of Chicago. The first to feel the effect of the exeitement was the Bank of Commerce, where a great many Jewish oltizens of the poorer class keep their accounts. These took alarm as the result of the Shaffner faflure and bore down upon the Ban- of Commerce in full force at the opening, hour. The tellers were doubled up and paid checks as fast as presented throughout the day. The excitement spread and soon involved the other savings institutions. The Illinois Trust Co. which has a larger line of this class of deposits than any other bank in the city, amounting at times to over $12,000,000, put on an extra force of tellers and paid every one as rapidly as possible, and at 3 o'clock posted notice on the front door that the bank would remain open until 9 o'clock to-night and as long as the present exeitement should continue. At twelve o'clock to-night the Illinois Trust & Savings Bank was still paying off and the crowd of depositors anxious to draw their money was still as large as ever. The bank officials said that they cared nothing whatever for the run, but were rather pleased than otherwise to pay out the money as it meant & big saving to the institution in interest, the quarterly instalment being due on July 1, and which all depositors who drew their money today have lost. The bank officers estimate that the run so far hasgiven them a net profit of $35,000. It was announced at midnight that the bank would not close as long as a single depositor cared to draw out a dollar. The Hibernian bank, which as the name implies, was the depository for a large number of Irish Americans of small means, was crowded all day. but found no difficulty in meeting the demand, and at 3 o'elock the excitement had perceptibly decreased. The Dime Savings paid & percentage only on each deposit. The Globe Savings applied the thirtyday rule. The Milwaukee Avenue Savings sustained & moderate run throughout the day. and they too kept open house until o'clock to-night. Equally spirited checking was noticeable upon the Prairie State Savings and Union Trust Company, as well as upon the Avenue Savings Bank, but in no case was any alarm felt by well-informed people. Thesituation was greatly aggravated by a number of board of trade brokers, who, for purposes of their own devoted themselves to the circulation of rumors which involved at one time or another nearly every bank in the city, and & large number of leading stock yard operators. Notwithstanding these malicious stories, there is every reason to believe that none of the leading banking institutions, whethor savings, State or national, of Chicago are in any danger of suspending. The failure of Meadowcroft Bros., & minor institution. occurred but aroused little or no interest in the minds of the general public. Their total deposits did not exceed $200,000.

6. June 6, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, June 6, 1893

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TELEGRAPHIC. CHICAGO BANKS. Result of the Failure of Hermann Schaffner & Co. Last Week. SMALL DEPOSITORS ALARMED. Sensational Rumors by Board of Trade Brokers.-Plenty of Money in the City. CHICAGO, June 5.-The failure of Hermann Schaffner & Co.'s bank, which occurred last week, bore fruit today in well-defined runs which were precipitated on almost if not every one of the savings bankain Chicago. The first to feel the effect was the Bank of Commerce, where a great many Jewish citizens of the poorer class keep their accounts, and they bore down upon the bank at the opening hour. The tellers were doubled up and paid checks as fast as presented throughout the day. The Illinois Trust & Savings Bank, which has a larger line of this class of depositsthan any other bank in the city, amounting at times to over $12,. 000,000, put on an extra force of tellers and paid every one as rapidly as possible. The Hibernian Bank, which as the name implies, was a depositor for a large number of Irish-Americans of email means, was crowded all day, but found no difficulty in meeting all demands. The Dime Savings Bank took advantage of the rule requiring, if necessary, sixty days notice of withdrawal, and paid only a percentage of deposits today. The Globe Savings Bank applied the thirty day rule. The Milwaukee Avenue Savings Bank sustained a moderate run throughout the day and they, too, kept open house tonight. Equally spirited checking was noted upon the Prairie State National and Prairie State Savings, as well as upon Union Trust company and the Avenue Savings Bank, but in no case WAS any alarm felt by well-informed people. The situation was greatly aggravaled by a number of board of trade brokers, who for reasons of their ow n devoted themselves to the circulation of sensational rumors, in which they involved at one time or another nearly every bank in tue city and a large number of leading stock yard operators. For the first time in some months the Chicago sub-treasury has been drawn on to assist the depleted gold reserve in the East. Today one million In gold was shipped by express. There are still seven millions in gold here, and the amount is continually belog increased by Chicago banks depositing gold for currency.

7. June 6, 1893 Rock Island Daily Argus Rock Island, IL
Article from Rock Island Daily Argus, June 6, 1893

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WINDY CITY BANKS Gen. Lack-of-Confidence Gives Them Annoyance. RUNS ON HALF A DOZEN CONCERNS, One Bank Pays Out Money All Night, and All Declare the Scare to Have No Basis -The Hiberrian, Prairie State National, Dime Savings, Union Trust, and Illinois Trust the Institutions Attacked-A Wild Day Among Savings Depositors. CHICAGO, June 6.-The "lack of confidence" which has been cavorting around the country for some time and has already bowled over a couple of Chicago banks with numerous concerns in other lines of business seems to have settled down over the city to test the endurance of the banking institutions in earnest. Depositors began to be uneasy. rumors were sent flying about and General Lack-of-Confidence touk charge for a day. The rumors grew thicker and wiider asthey passed about and the result was runs on several institutions which were they to fail would cause widespread suffering in this city and vicinity. The Banks That Met the Run. The banks which had the storm to stand were the Prairie State National bank, the State Bank of Commerce, Hibernian Savings bank. the Dime Savings bank. the Union Trust Company's bank. and the Illinois Trust and Savings bank Under the circumstances it is no small tribute to the soundness of Chicago banks to say that they all withstood the strain. Where the rumors sprang from is a mystery. It is no mystery how they spread, for wildfire is no quicker in its flight than rumor when she takes a fling at the banks. The Hibernian Bank. The bank whose fallure would have caused the MORE trouble is the Hibernian Banking association. The officers were not at all alarmed over the run made there. It is regarded as one of the strongest savings banks in the country. The depositors are mostly Irish and it is the depository of large amounts of the funds of the various Roman Catholic parishes. Its last report showed deposits of $2,730,000 individual deposits of $750,060, undivided profits of $383,000. The capital stock is $220,000. Vice President Charles F. Ciark, who is manager of the savings department. said at 1 o'clock: "We have been paying depositors all the morning at the rate of three a minute. They are poor people who have every dollar in the world they possess with us, and naturally with the existing conditions they have gotten nervous. We do not biame them." Run ona Dime Savings Bank. Another bank that had to suffer for General Lack-of-Confidence was the Dime Savings bank. There was a big crowd outside and inside, but President Samuel G. Bailey expressed no uneasiness, no1 would he say whether the bank would enforce its thirty day rule. "We have funds sufficient on hand," he said, "for all regular purposes, and even for an emergency. No occasion exists for this alarin, except the general uneasiness in the air." The bank does solely a savings business, its last report shewing deposits of half a million, and a surplus of $51,000. The loans at the time of the same report amounted to $457,000, while United States bonds and cash on hand aggregated $2.5,000. All its loans are secured on real estate. Union Trust Has a Time. Depositors by the hundreds crowded into the Union Trust Company's bank to get their money, but soon after seeing President Rawson's coolness and even amusement, many went out again without drawing their deposits. But the crowd of witndrawers was immense, just the same. "We saw this coming," said Mr. Rawson, "and were ready for it. We'll pay 'em all." The Union Trust is a member of the Chicago clearing house. It has over $1,000.000 to draw upon above its liabilities. Still people went up and drew out their deposits as if it was the last chance, and as each received his money he drew a long breath of relief. An Ex-State Bank Examiner's View. William M. Roberts, late state bank examiner, visited the different savings banks several times during the day and assisted in allaying the fears of depositors. Speaking of the general situation he said: "I do not believe there is a state bank in Chicago that is not fully able to pay $1.10 for every $1 it owes. People have been needlessly alarmed by the collapse of private institutions." WILD PANIC ALL DAY, But Only One Failure. Private Bankers.

8. June 7, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, June 7, 1893

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1 CHICAGO'S FINANCIAL FLURRY Confidence of Poorer Classes of Depositors Not Yet Restored. CHICAGO, June 7. -Notwithstanding the evident stability of Chicago's saving institutions, as demonstrated by their prompt response to Monday's run and the refusal of a large majority to take advantage of the sixty and ninety days' notice, it was apparent yesterday that the confidence of the poorer classes of depositors is not entirely restored. Lines of people began to form in front of the Illinois Trust and Savings Bank, the Bank of Commerce, the Union Trust company, the Globe Savings Bank, and other institutions of the same class, as early as 7 o'clock. Notices were posted on the doors of all the banks that they would be open for business at 10. Every institution is stated to be well supplied with funds, and no fears are entertained in financial circles that any of them will go to the wall. It was 3 o'clock yesterday morning when the Illinois Trust and Savings company paid off the last of the depositors in waiting. This is the first time in the history of the United States that a bank has kept open all night to assist in maintaining CO n fidence. It has savings deposits amounting to $10,500,000, and it claims its ability to pay off every cent without requiring the legal notice and then to have several millions in its safes. Its stockholders com prise some fifty or more of the wealthies men in Chicago, any one of them good for a quarter to a half of the bank's liability. WASHINGTON, June 7.-Comptroller Eckeis said to a reporter, in reply to 8 question, that "SO far as present advices go from Chicago, no national bank ha been affected by the financial flurry. The Clearing House Association stand ready and willing to assist one another, and give aid in every manner needed. This fact will do much to give confidence to the people, and prevent anything like a run upon any national bank. The savings bank failures have not produced any consternation among the depositors of the national banks, and will not." The abstract of the condition of national banks in Chicago on the date of the last call showed a reserve of 29.43 per cent, or 4.45 per cent. above the reserve required by law. The total resources are stated at $160,864,804. The surplus fund was $11,516,700, and undivided profits $2,596,000.

9. June 7, 1893 The Evening Herald Shenandoah, PA
Article from The Evening Herald, June 7, 1893

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CHICAGO'S FINANCIAL FLURRY. Confidence of Poorer Classes of Depositors Not Yet Restored. CHICAGO, June 7. -Notwithstanding the evident stability of Chicago's saving institutions, as demonstrated by their prompt response to Monday's run and the refusal of a large majority to take advantage of the sixty and ninety days' notice, it was apparent yesterday that the confidence of the poorer classes of depositors is not entirely restored. Lines of people began to form in front of the Illinois Trust and Savings Bank, the Bank of Commerce, the Union Trust company, the Globe Savings Bank, and other institutions of the same class, as early as ? o'clock Notices were posted on the doors of all the banks that they would be open for business at 10. Ev ry institution is stated to be well supplied with funds, and no fears are entertained in financial circles that any of them will go to the wall. It was 3 o'clock yesterday morning when the Illinois Trust and Savings company paid off the last of the depositors in waiting. This is the first time in the history of the United States that a bank has kept open all night to assist in maintaining CO fidence. It has savings deposits amount ing to $10,500,000, and it claims its ability to pay off every cent without requiring the legal notice and then to have several millions in its safes. Its stockholders com ) prise some fifty or more of the wealthiest e men in Chicago, any one of them good for 3 a quarter to a half of the bank's liability. WASHINGTON, June .-Comptroller t Eckels said to a reporter, in reply to a question, that "so far as present advices go from Chicago, no national bank has t been affected by the financial flurry. The I Clearing House Association stand ready and willing to assist one another, and give aid in every manner needed. This fact will do much to give confidence to the I people, and prevent anything like a run t upon any nat. onal bank. The savings bank failures have not produced any consternation among the depositors of the national banks, and will not." The abstract of the condition of national ] banks in Chicago on the date of the last , call showed a reserve of 29.45 per cent, or 1 4.45 per cent. above the reserve required y by law. The total resources are stated at $160,864,804. The surplus tund was $11. e 516,700, and undivided profits $2,596,000.

10. June 7, 1893 The Advocate and Topeka Tribune Topeka, KS
Article from The Advocate and Topeka Tribune, June 7, 1893

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gency, and there was nothing left for the companies to do but to assign. PANIC IN CHICAGO. CHICAGO, June 5.-Meadowcoft Brothers, private bankers, closed their doors this morning. The property of C. A. Weisenbach, a clothing and shoe merchant, was closed by the sheriff this morning. Execution was made on judgments aggregating $26,000. Early to day the record breaking commenced. Never in the history of modern trading has the price of wheat on the month succeeding the date of the market slumped below 68 cents. To-day, before the market was ten minutes old, July wheat had touched 671/2 cents, while September wheat was down to 711/2 cents. July wheat opened at 685/8 cents, and on every minute went off 1/8 cent, until the low point 671/2 cents was reached. September steadily slumped through every quotation to 711/2 cents. July corn opened at 3934 cents and September at 41 cents, the former breaking to 391/2 cents, while the latter sold 3/4 cents higher, ranging between 403/3 41 and 415 cents. The hog products were lower. July lard opened at $10.171/2, a decline of 121/2 cents. The State Bank of Commerce is experiencing a heavy run this afternoon. The news spread like wildfire. At 12:30 o'clock an express wagon containing several bags of gold arrived. This, however, failed to satisfy the apprehensions of the depositors. Cashier Frederick Miller said: "We are not alarmed, and we will meet this run." Then he added, as a kind of second thought: "That is, as long as we are able." A run was also starsed on the Savings bank on Washington street this afternoon. The institution has deposits aggregating $600,000. There is 8 run on the Hibernian bank. The Berlin bank is paying off its depositors at the rate of three a minute. The Union Trust Company, opposite the Tribune office, at 2 o'clock was besieged by a big crowd, and extra paying tellers were assigned to duty. The Prairie Street National bank experienced 8 run this morning, and a large number of depositors withdrew their money. THE BEGINNING IN TOPEKA. W.1 R. Evans, the grocer, at the north west corner of Tenth street and Kansas avenue, made an assignment for the benefit of creditors at eleven o'clock this morning. Byron Roberts is made temporary assignee. His creditors are scheduled as follows: $ 700.00 Parkhurst, Davis & Co., account. Ridenour-Baker Grocery Co., of Kansas 150.00 City, account 100.00 Bank of Topeka, note 200.00 C. B. Whitson, Topeka, account Franklin McVeigh & Co., Chicago, Ill., account 34.00 Dozier Bakery Co., of Kansas City, ac16.25 count. 10.00 J. B. Billard, Topeka, account 60.00 Charles Eagle, Topeka, account 15.00 Syms Grocery Co., Atchison, account 15.00 Cope & Anderson. Topeka, account 40.00 Topeka Mill and Elevator Co., account 15.00 Crosby Mill Co., account 27.00 Jacob Dold Packing Co., account 50.00 John Ritchie, account Total $1,432.25 Mr. Evans closed un his store about 11

11. December 26, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 26, 1893

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To Extend the Receivership. Chicago, Dec. 25.-Tomorrow W. H. Rossington, attorney of the Union Trust company, will file a bill before Judge Grosscup, of the United States court, asking the appointment of Atchison receivers by Judge Caldwell be ratified and that the receivership be extended SO as to include the Chicago lines.